Abigroup finance chief named

Lend Lease says an investigation has found no net material impact on the group results from the matter over which four executives were stood down. Photo: Mayu Kanamori

Shaun Drummond

Guy Freeland will be the new CFO of Abigroup

Guy Freeland, chief financial officer of Lend Lease’s Infrastructure Services division, was announced internally as the new CFO of the construction giant’s AbiGroup on Thursday – the last replacement for four executives stood down in September over reporting misstatements.

Freeland replaces former CFO David Walker, who was stood aside in September after 26 years in the role after errors were found in profit and cost reports during an internal audit.

The projects involved the D2G joint venture in Queensland where Lend Lease group management said at the time the full share of available profits was not disclosed. The D2G is an alliance building on the Dinmore to Goodna section of the Ipswich Motorway.

Lend Lease also said that some costs on the $700 million Peninsula Link Project road project in Victoria “may not have been adequately recognised”.

In October Lend Lease said an investigation had found no net material impact on the group results and the same month announced a restructure of the Australian business into two divisions – Construction & Infrastructure and Property – and replacements for the three other executives who left the company.